Looking for TFSA and RRSP calculators? 2 TSXV mining titles to consider

The tax-free savings account, called TFSA, and the registered retirement savings plan, called RRSP, are two options available to Canadians. Both offer tax advantages, in that the former allows tax-free withdrawal, and the latter allows deductions from income when paying taxes.

TFSA Calculator

Virtually all Canadian banks offer a TFSA calculator on the website. A person can fill in details such as province of residence, annual income, expected savings, and total number of years of investment expected to roughly calculate the benefits that will accrue.

But one thing, the annual rate of return on any assets held in a TFSA, is often uncertain. This is why any calculation you arrive at using the TFSA Calculator is only indicative.

If you hold NYSE or TSX listed stocks in your account, the rate of return is variable and therefore using a calculator may not be very helpful. But the TFSA can also hold fixed-return assets like GICs.

RRSP Calculator

The same goes for RRSPs, which can hold variable-yield investment instruments. Banks have an RRSP calculator on their websites, but since you need the exact rate of return on the investment, it might not calculate the exact amount that would accrue once you hit the target. retirement age.

That said, it’s always good to know how much the dollar contribution limit is for the year. For 2022, it is CA$6,000 for a TFSA and CA$29,210 for an RRSP.

How much you want to contribute depends on your disposable income, and the rate of asset growth makes the biggest difference to the benefits that ultimately accrue.

Now, since both accounts can hold stocks listed on the TSX Venture Exchange (TSXV), let’s take a look at two mining stocks that can be considered.

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Discovery Silver Corp. (TSXV:DSV)

The Company explores and exploits silver assets. It has mining interests in the state of Chihuahua, Mexico. In March 2022, the company appointed Anthony Esplin as COO.

According to its financial statements for the nine months ended September 30, 2021, Discovery Silver’s net loss was over C$28.3 million. Its net loss for the three months ended the same date was over C$8.7 million.

Discovery Silver is listed under the symbol DSV on the TSX Venture Exchange. It does not pay a dividend.

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Foran Mining Corporation (TSXV:FOM)

A zinc and copper explorer and miner, Foran Mining’s portfolio includes the McIlvenna Bay and Hanson Lake projects. In January of this year, it announced the appointment of David Bernier as Chief Operating Officer.

For the year ended December 31, 2021, the company reported a net loss of over C$4.3 million. For 2020, the net loss was over C$2 million.

Foran Mining and Discovery Silver have a comparable market cap. Foran is listed with the ticker FOM, and it also does not pay a dividend.

At the end of the line

The TFSA calculator and the RRSP calculator are available on the websites of many financial institutions, but the assets you hold in your account(s) make a difference. If the asset gives a variable return, like the two stocks above, it is not possible to calculate the exact profit over a specific period of time.

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